For The Love Of The Game: Investing As A Calling
When I was a kid I collected baseball cards. Most of my friends did too and we used to make trades. There was a monthly price guide called Beckett in which the fair value of all cards could be found….
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The Education Of An Investor
It takes a man a long time to learn all the lessons of all his mistakes – Jesse Livermore It must be noted that your Chairman, always a quick study, required only 20 years to recognize how important it was…
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Mistakes of the First 18 Years and The Maturation of My Game
June 7, 2025 2Q25 Letter To Investors Mistakes of the First 18 Years And The Maturation of My Game 7 months ago I moved from the Bay Area to Davis to escape the fast pace and stress of the big…
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The Evolution of Value Investing: From Ben Graham To Warren Buffett – and Beyond
It is better to buy a wonderful company at a fair price than a fair company at a wonderful price – Warren Buffett, 1989 Letter to Shareholders The advent of value investing occurred with the publication of Ben Graham and…
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Why You Should Have A Bullish Bias
If you have a bearish bias, you have to be very aware of it. You have to work around it. And I always have – Stan Druckenmiller Any man who is a bear on the United States will go bankrupt…
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Chris Begg on Value Investing 3.0
I am currently about halfway through a fascinating podcast in which William Green, author of Richer, Wiser, Happier, interviews Chris Begg, Chief Investment Officer of East Coast Asset Management. One of the most intriguing concepts in the podcast is the…
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My Conversation With Warren Buffett About The Correction
I just got off the phone with Warren Buffett during which I picked his brain about the current correction. There’s a lot of noise out there right now so I wanted to hear it straight from the GOAT. Here’s what…
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KSS Is In A Death Spiral; No Reason To Buy Bad Companies
Department store Kohl’s (KSS) reported another disastrous quarter Tuesday morning before the open and shares are being taken to the woodshed (-24%). KSS shares are now down more than 80% over the last three years. I used to be fatally…
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Two Investing Lessons I Had To Learn The Hard Way
Unfortunately in life sometimes we have to learn lessons the hard way through painful experience and failure. It would be nice if we could learn from other people’s experiences and books and not make the same mistakes that others before…
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The Enduring Investment Principles Of Warren Buffett
I have recently been reading the 5th edition of The Essays of Warren Buffett edited by Lawrence Cunningham. Reading these excerpts from Buffett’s Berkshire Annual Letters over the years has been an extremely calming experience for me, almost a form…
